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Coalition chance to build investment
Released 28 March 2011

The Coalition’s resounding election victory offers NSW the opportunity to capture the new wave of investment needed to underpin strong economic growth, according to the Property Council of Australia.   

NSW Executive Director Glenn Byres said Barry O’Farrell and his team deserve congratulations for their win and best wishes for the challenges they face.

“There are hard yards ahead given the catalogue of issues that plague NSW and we want to be collaborators in the process of renewal."

Mr Byres said it is important that the scale of the victory is leveraged to give effect to swift and comprehensive reform in NSW.
“The Premier has shown he understands that NSW needs to treat investment more sympathetically if we are to reclaim the mantle as the nation’s economic engine room.

“His firm commitment to axe the ad valorem tax – delivering a $429 million saving to the property sector – sends a welcome signal to investors that NSW wants capital."

Mr Byres added the Coalition’s independent and rigorous process for assessing critical infrastructure will help unleash the projects needed to underpin productivity.

“We hope the pro-growth sentiment that informs these policies is extended to the root-and-branch reform promised for the State’s planning framework.

“NSW currently lacks adequate supply of land for employment and housing. For example, in Sydney, housing supply runs at half the rate of demand. We need quicker land release, more efficient treatment of development applications by a depoliticised system and smarter funding of urban infrastructure.

“The enormous task of reversing the State’s fortunes is confronting, but the right policy choices – made early - will allow NSW to re-ignite growth and confidence.”